COGNOVIT Meaning and
Definition
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Cognovit, derived from the Latin word "cognosco" meaning "to recognize" or "to acknowledge," is a legal term that refers to a type of consent in which a person, usually a debtor, acknowledges debt and authorizes the creditor or lender to obtain a judgment against them without going through the usual legal procedures. This acknowledgment is typically made in writing, often in the form of a confession of judgment or a cognovit note.
The concept of cognovit plays a significant role in commercial contracts and enables lenders to swiftly recover their debts without having to go through time-consuming court proceedings. By signing a cognovit note, the debtor is effectively giving up their right to defend themselves in court, waive their right to notice or hearing, and authorize the lender to enter a judgment against them.
Cognovit clauses are controversial as they allow the creditor to bypass regular legal procedures and obtain a judgment easily. They are predominantly used in commercial loan agreements, typically involving borrowers with fewer bargaining powers. Several legal jurisdictions, however, restrict or even prohibit the use of cognovit provisions due to concerns over fairness and the potential for abuse.
In conclusion, cognovit refers to a legal acknowledgment made by a debtor that grants the lender the authority to obtain a judgment against them without further litigation. It is a controversial practice that allows creditors to efficiently recover their debts, but is subject to legal restrictions in some jurisdictions to protect debtors' rights.
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In law, an acknowledgment of the plaintiff's claim by the defendant, authorising thereby judgment and execution against himself.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for COGNOVIT
- xognovit
- vognovit
- fognovit
- dognovit
- cignovit
- ckgnovit
- clgnovit
- cpgnovit
- c0gnovit
- c9gnovit
- cofnovit
- covnovit
- cobnovit
- cohnovit
- coynovit
- cotnovit
- cogbovit
- cogmovit
- cogjovit
Etymology of COGNOVIT
The word "cognovit" has its roots in Latin. It is derived from the verb "cognosco", which means "to recognize" or "to admit". In the legal realm, "cognovit" specifically refers to a legal action wherein a defendant willingly admits or acknowledges the plaintiff's claim against them, often resulting in a judgement in favor of the plaintiff.
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